Division C - Financial Sector (Collection of Data) (reporting standard) determination No. 72 of 2023 - C

C

Claims handling expenses	This item is the present value of claims handling expense (CHE) associated with the PL determined under GPS 340 (GPS 340 PL).Level 2 insurance groups may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome) to report this item if this item is not readily available.
Class of business	Report the items in the sections of this Reporting Standard by the direct or reinsurance classes of business in accordance with GPS 001.For the purpose of calculating the Insurance Risk Charge in respect of the ‘other’ class of business as per GPS 001 for direct business, the Appointed Actuary is required to determine the most appropriate category (i.e. category A, B or C) in GPS 115 that this business falls within. The choice must be based on the underlying risk characteristics of the business being written. The amounts reported in the other direct - category A, other direct - category B or other direct - category C line items are to follow this basis.For reinsurance business, the classes of business in GPS 115 are to be aggregated by the category and reinsurance type.
Commissions	This item is the present value of commissions expenses associated with the GPS 340 PL.This excludes any acquisition commission expenses that are not reported as part of the GPS 340 PL. This also excludes reinsurance commissions.Level 2 insurance groups may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome) to report this item if this item is not readily available.

Claims handling expenses

This item is the present value of claims handling expense (CHE) associated with the PL determined under GPS 340 (GPS 340 PL).Level 2 insurance groups may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome) to report this item if this item is not readily available.

Class of business

Report the items in the sections of this Reporting Standard by the direct or reinsurance classes of business in accordance with GPS 001.For the purpose of calculating the Insurance Risk Charge in respect of the ‘other’ class of business as per GPS 001 for direct business, the Appointed Actuary is required to determine the most appropriate category (i.e. category A, B or C) in GPS 115 that this business falls within. The choice must be based on the underlying risk characteristics of the business being written. The amounts reported in the other direct - category A, other direct - category B or other direct - category C line items are to follow this basis.For reinsurance business, the classes of business in GPS 115 are to be aggregated by the category and reinsurance type.

Commissions

This item is the present value of commissions expenses associated with the GPS 340 PL.This excludes any acquisition commission expenses that are not reported as part of the GPS 340 PL. This also excludes reinsurance commissions.Level 2 insurance groups may use approximate methods and may take into account materiality (i.e. whether it would result in a materially different outcome) to report this item if this item is not readily available.

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